Cash-on-Instalments lets you earn extra money by converting your credit limit in your OCBC card or EasiCredit Account into fixed instalments each month. The tenure that you can choose from is between 1 and 5 years. Once your loan is approved, the funds will get credited to your selected bank account.
The table below shows the interest rates on a loan of S$10,000:
|Repayment tenure||60 months||48 months||36 months||24 months||12 months|
|Yearly interest rate||5.80%||0%|
|Handling fee||2% of the sanctioned loan amount||6% of the sanctioned loan amount|
|EIR (Effective Interest Rate)||11.38%||11.71%||12.11%||12.80%||11.47%|
|Monthly repayment (S$)||215||256.67||326.11||465||833.33|
Till 31 March 2018, apply for this repayment plan online and get CapitaVouchers of up to S$320 on the basis of the approved loan amount. The table below shows the voucher you will get depending on the loan amount:
|Approved loan amount||Vouchers|
|From S$8,000 to S$15,999||CapitaVoucher of S$80|
|From S$16,000 to S$23,999||CapitaVoucher of S$160|
|From S$24,000 to S$31,999||CapitaVoucher of S$240|
|More than S$32,000||CapitaVoucher of S$320|
To know more about this promotion, please read the full terms and conditions on the bank’s site.
|Processing fee||2% or 6% of the sanctioned loan amount, depending on the tenure.|
Minimum age: 21 years old
Minimum annual income:
There are 2 ways to apply for this instalment plan:
Q. What is the minimum request amount for this plan?
A. The minimum request amount is S$1,000. The amount should not be more than 90% of your available credit limit on your EasiCredit or credit card account.
Q. What is the overdue interest rate on EasiCredit account?
A. If you fail to pay the instalment amount by the due date, an interest rate of 19.98% p.a. will be applicable on the outstanding amount.
Q. What is the overdue interest rate on OCBC credit card account?
A. If you fail to pay the billed amount in full within the due date, an interest rate of 25.92% p.a. will be applicable on the outstanding amount.